USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Early March the U.S. Dollar commenced a rebound from a one-month low of 101.20 against the Japanese Yen; however, the advance was halted at an eight-week high of 103.76. Since then, the pair has been declining, being trapped by boundaries of a 74-bar long bearish channel.
At the moment the currency couple is trading slightly below the daily pivot point at 102.82 and may try to penetrate this level given that more than 67% of market participants are bullish on the pair. If this comes true, the pair may rally to the 50-hour SMA at 102.94 that is meandering close to the pattern's upper limit and is not likely to let the pair to rise further.
© Dukascopy Bank SA
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